Every registered firm operating in India needs to submit the analysis of its financial data every year with the concerned government authority. For the purpose are two forms assigned by the government which every company needs to file in the prescribed format annually. One is Form AOC-4 for filing of financial statement of the company and second is Form MGT 7 or annual returns filed by the company.
Introduction to Financial Filing Form or AOC-4
Form AOC 4 as declared earlier is the annual compliance of all the financial statements of the company. AOC 4 must be filed by every registered firm to the Ministry of Corporate Affairs (MCA) which is the entity concerned with all the financial and non-financial compliances of the companies in India. The format itself is prescribed by MCA which the companies need to fill with relevant detailings and submit it within the time frame of 30 days from conducting the Annual General Meeting (AGM).
Annual General Meeting (AGM) is yet another requirement asked from companies every year including discussions on the full-year financial and non-financial statistics and prepare the relevant reports for submission to legal authorities. The meeting is carried on by the director of the company along with some other key professionals, auditor and shareholders in the company.
Please Note: Due to any reason if the annual general meeting is not conducted for the year still the company is obliged to file the forms adjoining all the relevant documents duly signed by the company head or director. Along with that, the government requires reasons in writing for not holding the Annual General Meeting (AGM). All the documents should reach MCA within 30 days from the expected due date of conducting the AGM.
| Type of Company | Time limit | Form | List of Documents |
|---|---|---|---|
| Registered Companies other than One Person Company | 30 Days | Annual General Meeting | Financial Documents along with other relevant documents included in the AGM. |
| One Person Company | 180 Days | End of the Financial Year | Financial Statements along with other relevant documents adopted by the member. |
Introduction to Annual Return Form or MGT – 7
MGT-7 or Annual Return Form is the compliance to be filed annually by every registered company operating in India whether it is a private or a public entity. This electronically filed return form is preserved managed and examined for its authenticity by the Registrar of Companies (ROC) working under MCA legislation. The due date for filing Form MGT-7 is within 60 days from the date of the Annual General Meeting (AGM) of the company.
Charges along with filing Form AOC 4 and MGT 7
A nominal fee is charged from the companies at the time of filing AOC 4 and MGT 7. Below is the fee structure as per the company’s share capital.
| Company’s Share Capital | Government Charges |
|---|---|
| Upto ₹1,00,000 | ₹200/- |
| ₹1,00,000 to ₹4,99,999 | ₹300/- |
| ₹5,00,000 to ₹24,99,999 | ₹400/- |
| ₹25,00,000 to ₹99,99,999 | ₹500/- |
| ₹1,00,00,000 and more | ₹600/- |
Companies with less than the nominal share capital have to pay Rs. 200 along with form AOC 4 to the government.
Fine for Late Compliance
As decided by law there is a course of penalties for the late filing of AOC 4 and MGT 7. Defaulter is liable to pay Rs. 100 per day starting from the date of delay until he actually submits the form to the government.
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